Wheat futures at the Chicago Board of Trade rose the 30-cent daily trading limit by midday on Wednesday as concerns about dry weather in Europe and a surge in corn futures ignited speculative buying, traders said. "We're hitting massive buy-stops," one trader said.
New-crop months hit contract highs, and funds bought 5,000 contracts. As of 11:55 am CDT (1655 GMT), May wheat was up 30 cents a bushel, the daily trading limit for wheat, at $5.13-1/2. New-crop July was up 30 cents at $5.27-1/2, above its previous contract high of $5.25.
December was up 28-1/2 cents at $5.42 after hitting a contract high at $5.43-1/2. Weather worries in Europe drove French wheat futures to contract highs in new-crop months.